Bitcoin surges to new high

Bitcoin, the world’s biggest cryptocurrency, reached a record high of $110,000 on Thursday, backed by growing industry optimism. Trading denominated in Korean won neared its recent peak as well, hovering at around 150 million won ($108,700) as of press time. Regulatory developments in the US stoked industry optimism that the country will shortly agree on its first regulations for digital assets, boosting investor sentiment for the cryptocurrency. According to global price-tracking platform CoinM

May 22, 2025

Ex-US Congress members tour Korea to boost cultural, economic relations

A delegation of former US Congress members is visiting Korea to strengthen Korea-US ties by deepening bilateral cultural and economic understanding. The delegation arrived in Korea on May 14, invited by the Kim Chang-joon US-Korea Foundation. The nonprofit organization was founded in 2011 by former US Representative Jay Kim Chang-joon, a Republican who represented California’s 41st District in Riverside County from 1992 to 1998. This year’s 12-member bipartisan delegation includes seven former l

May 21, 2025

Mirae Asset Global tops W400tr in AUM, with 45% overseas

Mirae Asset Global Investments, the asset management arm of Korea’s Mirae Asset Financial Group, has surpassed 400 trillion won ($288 billion) in assets under management, with 45 percent of its portfolio operated overseas. The company announced Wednesday that its total AUM had reached 403 trillion won, continuing a steady upward trend from 305 trillion won at the end of 2023 and 378 trillion won at the end of 2024. Of the total, 181 trillion won — approximately 45 percent — is managed in oversea

May 21, 2025

MBK chief barred from leaving Korea in Homeplus fraud case

South Korean prosecutors have imposed a foreign travel ban on Michael Byung-ju Kim, chairman of Seoul-based private equity giant MBK Partners, as part of an investigation into fraud allegations related to the short-term debt issuance by supermarket chain Homeplus. The Seoul Central District Prosecutors' Office reportedly requested the Justice Ministry to place an exit ban on Kim. Prosecutors sought the travel restriction out of concern that Kim might not cooperate with the ongoing probe if allow

May 19, 2025

Foreign investors return to Kospi on stronger won

Foreign investors, have taken a break from their massive selling spree this month, scooping up shares onthe South Korean benchmark Kospi worth roughly 1.5 trillion won ($1.07 billion) in trading up to Friday. According to data provided by the country's main bourse operator, Korea Exchange, offshore investors net bought shares amounting to 1.47 trillion won on the Kospi from May 2 to 16. Outside of May 2, when foreigners offloaded shares worth 167 billion won, they were net buyers on the market f

May 19, 2025

Korean won rises to 6-month high over trade deal fears

The Korean won’s value against the dollar reached a six-month high Friday as traders price in the assumption that the country will be pressured to push for the gain of its currency to reach a trade deal with the US. The won stood at 1,389.6 won per dollar as of daytime trading closing Friday, appreciating by 4.9 won from the previous session. It was the strongest level of won per dollar as of daytime closing since hitting 1,386.4 won per dollar on Nov. 8. After opening at 1,397 won, pricing in t

May 16, 2025

Woori Financial taps CEO nominees for insurers

Woori Financial Group on Friday nominated the chief executive officer candidates for its new insurance subsidiaries, accelerating the push to diversify its non-banking portfolio. Woori Financial, one of the top four financial service providers here, is to acquire Tongyang Life Insurance and ABL Life Insurance. With Financial Services Commission approval to incorporate the two insurers as subsidiaries secured earlier in May, the finance group plans to wrap up the acquisitions swiftly. Woori Finan

May 16, 2025

S. Korea's ATS secures 20% market share

South Korea's first alternative stock exchange Nextrade has successfully settled down, taking up an average of 20 percent market share — double its initial target. According to the company on Friday, its daily trading volume stood at 6.05 trillion won ($4.34 billion) on Wednesday, reaching the highest since the service went live in March. Stocks worth 4.21 trillion won were traded during the main market hours, while transactions during the premarket and after-market hours amounted to 1.83 trilli

May 16, 2025

Foreigners’ stock exodus continues in April

Foreign investors offloaded stocks worth 13 trillion won ($9.3 billion) on the local stock market in April, surpassing the records set during the COVID-19 pandemic and the global financial crisis. According to the watchdog Financial Supervisory Service on Friday, offshore investors sold stocks amounting to a net 13.59 trillion won on the local stock market last month, continuing the nine-month-long sell-off move. The amount surpasses the 13.45 trillion won record set in March 2020 during the COV

May 16, 2025

Toss posts W70b in operating profit in Q1

Viva Republica, operator of mobile financial service Toss, posted roughly 70 billion won ($50 million) in operating profit in the first quarter, continuing its profitable run from 2024. The company reported a consolidated operating profit of 70.9 billion won in the first quarter, turning to black on-year, in its quarterly earnings disclosure released Thursday. While its consolidated revenue jumped by 29.1 percent to 567.9 billion won on-year, its net profit stood at 48.9 billion won, turning to

May 15, 2025